Laserfiche WebLink
of any purchaser, transferee or assignee to execute the agreement required by Paragraph (b) of this <br />Subsection 2.5.1, the burdens of this Agreement shall be binding upon such purchaser, transferee or <br />assignee, but the benefits of this Agreement shall not inure to such purchaser, transferee or assignee until <br />and unless such agreement is executed. <br /> <br />(e) The Executive Director for the Planning and Building Agency shall have <br />the administrative authority to determine that OWNER has complied with the above conditions. Such <br />determination shall not be unreasonably withheld or delayed. <br /> <br />2.5.2 Release of Transferring Owner. Notwithstanding any sale, transfer or <br />assignment, a transferring OWNER shall continue to be obligated under this Agreement with <br />respect to the transferred Property or any transferred portion thereof, unless such transferring <br />OWNER is given a release in writing by CITY, which release shall be provided by CITY upon <br />the full satisfaction by such transferring OWNER of the following conditions: <br />(a) OWNER no longer has a legal or equitable interest in all or any part of the <br />Property subject to the transfer. <br /> <br />(b) OWNER is not then in default under this Agreement. <br /> <br />(c) OWNER has provided CITY with the notice and executed agreement <br />required under Paragraph (b) of Subsection 2.5.1 above. <br /> <br />(d) The purchaser, transferee or assignee provides CITY with security <br />equivalent to any security previously provided by OWNER to secure performance of its obligations <br />hereunder. <br /> <br />2.5.3 Subsequent Assignment. Any subsequent sale, transfer or assignment <br />after an initial sale, transfer or assignment shall be made only in accordance with and subject <br />to the terms and conditions of this Section. <br />2.5.4 Utilities. The Project shall be connected to all utilities necessary to <br />provide adequate water, sewer, gas, electric, and other utility service to the Project, prior to the <br />issuance of a certificate of occupancy for any portion of the Project. <br />2.5.5 Sale to Public and Completion of Construction. The provisions of <br />Subsection 2.5.1 shall not apply to the sale or lease (for a period longer than one year) of any <br />lot that has been finally subdivided and is individually (and not in "bulk") sold or leased to a <br />member of the public or other ultimate user. This Agreement shall terminate with respect to <br />any lot and such lot shall be released and no longer be subject to this Agreement without the <br />execution or recordation of any further document upon satisfaction of both of the following <br />conditions: <br />(a) The lot has been finally subdivided and individually (and not in "bulk") <br />sold or leased (for a period longer than one year) to a member of the public or other ultimate user; and <br /> <br />(b) A certificate of occupancy has been issued for a building on the lot, and <br />the fees for such lot set forth in this Agreement have been paid. <br /> <br />2-126